Budget Office says PFIPC never received allocated funds

The Budget Office of the Federation has confirmed that no public funds were spent on the controversial Presidential Foreign Investment Promotion Council (PFIPC), a body the presidency has disowned as nonexistent, despite its inclusion in the 2026 national budget. The office's director general, Tanimu Yakubu, detailed the financial safeguards that prevented any expenditure during a hearing before a House of Representatives investigative committee on Friday, July 24, 2026.

Yakubu told lawmakers that while the 2026 Appropriation Act allocated approximately 1.32 billion naira to the council, comprising 802.98 million naira for personnel, 200 million for overhead, and 300 million for capital projects, none of the statutory conditions required to release funds were ever met. He emphasized that a parliamentary appropriation is merely an authorization and does not equate to cash leaving the treasury.

The director general explained that his office rejected the council's initial request for 3.8 billion naira in personnel costs, independently calculating a lower figure based on approved staffing and salary structures. However, he stated the mandatory financial clearance required to begin...